Aptiv has reported third-quarter revenue down 5% to US$3.7bn, adjusted for currency exchange, commodity movements and divestitures, with net income of US$86m.

“Our third quarter performance reflects continued robust demand for our safe, green and connected technologies and our relentless focus on serving customers despite the challenging operating environment,” said Aptiv president and CEO, Kevin Clark.

“Persistent and widespread supply chain shortages continue to restrain production capacity for the global automotive market and we expect that to continue into 2022. However, our automotive customers continue to prioritise their vehicles with higher active safety content, while penetration of high voltage platforms accelerate [s].

“These trends and our ability to capitalise on them, are driving record revenue growth over market for Aptiv. We expect our continued investments in high-growth, high-margin technologies, which help our customers transition to the electrified, software-defined vehicle of the future, to result in additional vehicle content and expansive market opportunities for Aptiv.”

Year-to-date 2021 results:

For the nine months ended 30 September, 2021, the company reported revenue of US$11.5bn, an increase of 30% from the prior year period.

Adjusted for currency exchange, commodity movements and divestitures, revenue increased by 24% during the period. This reflects growth of 24% in Europe, 24% in North America, 22% in Asia, which includes growth of 19% in China, and 65% in South America.

For the 2021 year-to-date period, the supplier reported net income of US$512m.